Comstock Resources, Inc. (NYSE:CRK) Stock Now Rated “Reduce” by Sell-Side Analysts

by · The Markets Daily

Shares of Comstock Resources, Inc. (NYSE:CRK – Get Free Report) have been assigned an average rating of “Reduce” from the fourteen analysts that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell recommendation and ten have issued a hold recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $15.75.

CRK has been the subject of a number of analyst reports. Roth Capital reaffirmed a “neutral” rating and set a $14.00 price objective on shares of Comstock Resources in a report on Tuesday, September 1st. Mizuho upped their target price on shares of Comstock Resources from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, September 1st. Truist Financial assumed coverage on shares of Comstock Resources in a research report on Thursday, September 17th. They issued a “hold” rating and a $16.00 price target for the company. Citigroup cut their price target on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, July 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a research note on Monday, August 17th.

View Our Latest Analysis on CRK

Comstock Resources Stock Performance

Shares of NYSE CRK opened at $12.86 on Friday. The business has a fifty day simple moving average of $13.82 and a 200 day simple moving average of $15.08. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 7.22 and a beta of 0.52. Comstock Resources has a one year low of $12.12 and a one year high of $28.10.

Comstock Resources (NYSE:CRK – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business’s revenue was down 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.13 earnings per share. Sell-side analysts expect that Comstock Resources will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its holdings in shares of Comstock Resources by 44.8% during the second quarter. Envestnet Asset Management Inc. now owns 26,880 shares of the oil and gas producer’s stock valued at $401,000 after acquiring an additional 8,315 shares during the period. State Street Corp boosted its stake in shares of Comstock Resources by 2.7% in the 2nd quarter. State Street Corp now owns 5,336,565 shares of the oil and gas producer’s stock valued at $79,622,000 after purchasing an additional 141,295 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Comstock Resources in the 2nd quarter worth about $264,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Comstock Resources during the 2nd quarter worth about $68,000. Finally, Wedmont Private Capital acquired a new stake in shares of Comstock Resources during the 2nd quarter worth about $264,000. Institutional investors own 36.13% of the company’s stock.

About Comstock Resources

(Get Free Report)

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company is primarily focused on natural gas and operates in the United States.

Comstock’s operations are concentrated in the Haynesville shale, a major natural gas-producing region in East Texas and northern Louisiana. Its activities include drilling and completing horizontal wells, developing natural gas acreage and producing natural gas and related hydrocarbon products for sale to energy markets.

Headquartered in Frisco, Texas, Comstock has developed its business through organic drilling and strategic acquisitions, including the 2018 acquisition of Covey Park Energy, which expanded its position in the Haynesville basin.

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